Outlook for USDINR, Light
sweet crude and Brent crude
INDICES, GOLD and SILVER
USDINR (spot): first nearby res 52.40 and convincing
break and settlement as shown (CI1) with
arrow will confirm a double top (of 1and 2 as shown) and tends to stronger area
towards 51.20(1st target area) followed by 51.85. Secondly, any
convincing break and staying below and settlement below of 51.20, which will
confirm a H&S formation, which may indicate towards 49.85 followed by fib
38.2% at 50.10 (2nd or final
target on the basis of situation within 50.10-49.85 area) and 48.90 (final
target, which is also fib 50% .
BRENT
CRUDE vs LS CRUDE (continuation base):
SPREAD OPTION: BUY $SWEET, SELL $BRENT
LS crude:
formed a reverse H&S(showed as 1,2,3 and confirmation on res) and holds
above with a +ve week on candle chart (Jan’12 contract) although nearby res
$103.8. a positive move is better option
for future expectation. If so, then any
convincing breakout above $103.8/104, a shoot up can possible towards $115 (marked as*) followed by a mild res $104.80/105.20 and $108, $111.
BRENT: alike
LS crude it also seems +ve on chart(continuation basis) but ‘ve to face 1st
hurdle at res $116 as months back faced a false break out or bull trap (shown
as ‘F’ and within a circle). If can breach above then next res is coming as
$122.
DOW (spot): alike cl, it has also making a reverse H$S, nearby res
12430, and any convincing break higher likely to push towards 2011 hi of 12876
(and a long ascending trend res @13130-160). If so better to keep in mind its
all time high is 14198 on 11/10/2007.
S&P (spot):
following dow and can complete a reverse H&S if capable to settle above
1295 convincingly. If so anda descending
res‘ll be @1308/10 and 2011 high of 1370.
NIFTY (spot):
any convincing break above 4790 can push towards 4835/40 and follow through and
good settlement can push towards 5030 and 5100.
SENSEX (spot): convincing
break above 16050 and follow through with good settlement can push towards
17k/17100 followed by 16750.
GOLD: sustaining
above long term ascending sup line on weekly basis.
SILVER:
naturally volatile as a speculative metal. Tested 2011 low of in the yearend.
Still
seeing specially precious is bullish in midterm and ferociously bullish in long
term. I’m waiting for getting a better entry point to avoid hit by volatility.
NB: This
for sharing thought and interest.